If Total Assets Increased by $500,000 During a Period and Total

question 21

Multiple Choice

If total assets increased by $500,000 during a period and total liabilities increased by $420,000 during the same period, determine the net income (or loss) for the year , assuming no common stock was issued and dividends of $40,000 were paid.​

• A) $40,000
• B) $210,000
• C) $120,000
• D) $290,000

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Definitions:

Oxidized

The process or state in which an atom, ion, or molecule loses electrons, often making it more reactive.

Dipeptide

A molecule consisting of two amino acids joined by a single peptide bond.

Ile-Gln

A peptide formed by the amino acids Isoleucine and Glutamine, indicating the presence of a dipeptide bond between them.

Tetrapeptide

A peptide composed of four amino acids linked by peptide bonds.